Annual Report on City Loans and Loan Guarantees

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The decision

2026-06-24 · Toronto City Council · adopted

As filed

City Council on June 24 and 25, 2026, adopted the following: 1. City Council approve the refinancing of the outstanding interest-only capital loan issued by the City to the Lakeshore Arena Corporation in the amount of $4,047,660, to address the repayment of both loan and principal, with a 17-year term commencing June 30, 2026, and City Council authorize the Chief Financial Officer and Treasurer to enter into any necessary related agreements substantially on key terms and conditions as detailed in Appendix A to the report (June 1, 2026) from the Chief Financial Officer and Treasurer, all in a form satisfactory to the City Solicitor.

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2. City Council approve the renewal of the following lines of credit guarantees: a. the line of credit guarantee issued by the City on behalf of Canadian Stage in support of its lending arrangements, to its new lender, in the amount of $820,000 (inclusive of all interest payable by Canadian Stage), for a three-year period commencing on November 1, 2026 and ending October 31, 2029, substantially on the same terms and conditions as the current agreement; and b. the line of credit guarantee issued by the City on behalf of Young People's Theatre to its lender in the amount of $175,000 (inclusive of all interest payable by Young People's Theatre) be renewed for a three-year period commencing on January 1, 2027 and ending December 31, 2029.

On the agenda

As the city filed it

This report provides annual update reporting on the existing portfolio of City direct loans, capital loan and line of credit guarantees. The portfolio of loans included in this report is separate and apart from other internal City loan programs (e.g., Home Ownership Assistance Program, Sustainable Energy Plan Financing Program) which are covered under other City policies. As at December 31, 2025, the City had authorized line of credit guarantees amounting to approximately $5.995 million, capital loan guarantees for underlying loans of $34.46 million, outstanding direct capital loan balances of $36.845 million, and one direct line of credit with a balance of $600,000.

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This report also recommends the refinancing of an outstanding, interest-only capital loan of $4.048 million to Lakeshore Arena Corporation (LAC), which is currently set to expire in October 2026. The refinancing will allow for repayment of both principal and interest over a 17-year term, commencing June 30, 2026, with the first payment due on September 30, 2026, which is consistent with the repayment timeline of the existing LAC capital loan from Infrastructure Ontario. Finally, this report recommends the three-year renewal of an existing line of credit guarantees of $175,000 in support of Young People's Theatre. This report also recommends continued support for Canadian Stage in the form of a letter of credit guarantee for its $820,000 line of credit, which considers its anticipated new lending arrangements with BMO, for a three-year period commencing on November 1, 2026.

Staff recommended

The Chief Financial Officer and Treasurer recommends that: 1. City Council approve the refinancing of the outstanding interest-only capital loan issued by the City to the Lakeshore Arena Corporation in the amount of $4,047,660, to address the repayment of both loan and principal, with a 17-year term commencing June 30, 2026, and authorize the Chief Financial Officer and Treasurer to enter into any necessary related agreements substantially on key terms and conditions as detailed in Appendix A to this report, all in a form satisfactory to the City Solicitor.

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Considered

2026-06-16 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council approve the refinancing of the outstanding interest-only capital loan issued by the City to the Lakeshore Arena Corporation in the amount of $4,047,660, to address the repayment of both loan and principal, with a 17-year term commencing June 30, 2026, and City Council authorize the Chief Financial Officer and Treasurer to enter into any necessary related agreements substantially on key terms and conditions as detailed in Appendix A to the report (June 1, 2026) from the Chief Financial Officer and Treasurer, all in a form satisfactory to the City Solicitor.
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2. City Council approve the renewal of the following lines of credit guarantees: a. the line of credit guarantee issued by the City on behalf of Canadian Stage in support of its lending arrangements, to its new lender, in the amount of $820,000 (inclusive of all interest payable by Canadian Stage), for a three-year period commencing on November 1, 2026 and ending October 31, 2029, substantially on the same terms and conditions as the current agreement; and b. the line of credit guarantee issued by the City on behalf of Young People's Theatre to its lender in the amount of $175,000 (inclusive of all interest payable by Young People's Theatre) be renewed for a three-year period commencing on January 1, 2027 and ending December 31, 2029.
2026-06-24 · Toronto City Council · adopted

On the record

The item as the City filed it

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